On results of inspection of financial standing of credit institution JSC JSCB ELBIN by provisional administration

The provisional administration to manage JSC JSCB ELBIN (hereinafter, the Bank) appointed by Bank of Russia Order No. OD-1078, dated 26.04.2018, due to the revocation of its banking licence, in the course of examination of the Bank’s financial standing has revealed actions performed by its former management and owners that constitute theft of funds taken as household deposits.

The provisional administration has further revealed evidence that the Bank’s former management used vested authority for own benefits and advantages counter to the lawful interests of creditors and depositors, including lending to the affiliated party with dubious creditworthiness and transformation of creditors’ claims to satisfy them in preference order.

The Bank of Russia submitted the information on the financial transactions bearing the evidence of criminal offence conducted by the Bank’s executives to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

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